Connor Clark & Lunn Investment Management Ltd. Acquires New Shares in Immunovant, Inc. $IMVT

Connor Clark & Lunn Investment Management Ltd. bought a new stake in Immunovant, Inc. (NASDAQ:IMVT) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 473,984 shares of the company’s stock, valued at approximately $18,263,000. Connor Clark & Lunn Investment Management Ltd. owned 0.23% of Immunovant at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new position in shares of Immunovant during the 4th quarter worth about $25,000. Strs Ohio acquired a new stake in shares of Immunovant in the 1st quarter valued at approximately $27,000. PNC Financial Services Group Inc. raised its position in shares of Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares during the period. Quarry LP raised its position in shares of Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after acquiring an additional 1,461 shares during the period. Finally, Quantbot Technologies LP bought a new position in Immunovant during the 2nd quarter worth approximately $87,000. Institutional investors own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Guggenheim increased their target price on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Tuesday. Finally, Truist Financial upped their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research report on Friday, May 22nd. Seven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.00.

Immunovant Price Performance

NASDAQ:IMVT opened at $43.50 on Wednesday. Immunovant, Inc. has a fifty-two week low of $14.47 and a fifty-two week high of $45.42. The stock has a market capitalization of $8.98 billion, a PE ratio of -15.43 and a beta of 0.77. The business’s 50-day simple moving average is $39.82 and its 200-day simple moving average is $32.04.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company had revenue of $7.09 million during the quarter, compared to analyst estimates of $7.09 million. During the same period in the previous year, the company earned ($0.71) EPS. On average, research analysts expect that Immunovant, Inc. will post -2.9 earnings per share for the current year.

Insider Transactions at Immunovant

In other news, CTO Jay S. Stout sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $1,532,400.00. Following the completion of the transaction, the chief technology officer owned 211,685 shares in the company, valued at $8,109,652.35. This represents a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew J. Fromkin sold 221,951 shares of the stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $33.51, for a total transaction of $7,437,578.01. Following the sale, the director directly owned 74,382 shares of the company’s stock, valued at $2,492,540.82. This represents a 74.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 318,810 shares of company stock valued at $11,158,166. 1.90% of the stock is currently owned by insiders.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.